Press release
Online Payment Gateway Market to Develop at 12.8% CAGR by 2023 | Key Market Players are First Data Corp. (U.S.), Adyen NV (Netherlands), Amazon.com, Inc. (U.S.), CASHU (UAE), Stripe (U.S.), GMO Payment Gateway, Inc. (Japan) and Verizon Communications, Inc
Online Payment Gateway Market
Market Highlights
The online payment gateway market is projected to develop at a healthy 12.8% CAGR by 2023, as per the MRFR analysis. Online payment gateways are basically servers and software that aid to transfer every piece of information pertaining to online transactions to specific banks. Local bank integrates, self/pro hosted payment gateways, platform-based gateway solutions, and others are the different types of online payment gateways that have wide applications in mid-sized enterprises, large enterprises, and micro & small enterprises.
Various factors are propelling the global online payment gateway industry share. According to the recent MRFR report, such factors include the growing trend of digitalization, increasing adoption of different online payment modes like net banking, mobile wallets, credit or debit cards, the advent of apps which are smartphone compatible and helps in easy online payments, easy availability and increasing use of high-speed internet. Additional factors fuelling market growth include the increasing use during the on-going COVID-19 outbreak, the merge of attractive cashback offers and e-commerce sites on online payments, as well as the collaboration of banks with various online retailers, and convenient payment gateways.
On the flip side, the risk related to hackers and of losing sensitive data may hinder the global online payment gateway market growth over the forecast period.
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Segmentation:
The online payment gateway market has been categorized based on type & application.
Based on type, the market has been segmented into local bank integrates, self/pro hosted payment gateways, platform-based gateway solutions, and others. Among these, the platform-based gateway type segment will spearhead the market over the forecast period.
By application, the market is segmented into mid-size enterprises, large enterprises, and micro & small enterprises. Of these, the large application segment will command the largest share in the market over the forecast period.
Regional Analysis
Geographically, the online payment gateway market has been segmented into North America, Europe, the Asia Pacific, and the Rest of the World. Among these, the Asia Pacific region will spearhead the market over the forecast for growing initiatives by the government for digitalization, especially in developing economies, high adoption of online payment methods in China, increase in online shopping, expanding small and micro enterprises, growing awareness about digital transactions, the initiative for cashless India, and the increasing availability of the World Wide Web are adding to the global online payment gateway market growth in the region.
In North America, the global online payment gateway market is predicted to have healthy growth over the forecast period for growing dependence on electronic payments, assurance of safe and secure transactions, growing inclination towards e-commerce, increasing use of m-commerce, and technological advances. The US has the utmost share in the online payment gateway market.
In Europe, the global online payment gateway market is predicted to have sound growth over the forecast period for the presence of leading industry players as well as technological superiority.
In the Rest of the World, the global online payment gateway market is predicted to develop at a steady rate between the forecast period.
Key Players
Key contenders profiled in the online payment gateway market report include Stripe, 2Checkout.com Inc., CASHU, Naspers Ltd., Verizon Communications Inc., Adyen NV, Amazon.com Inc., Tencent Holdings Ltd., Worldpay Inc., PayPal Holdings Inc., Wirecard AG, CCBill LLC, First Data Corporation, Alibaba Group Holding Ltd., SecurePay Pty Ltd., GMO Payment Gateway Inc., and Visa Inc. Industry players have incorporated several strategies to stay at the forefront and also cater to the customers growing needs like acquisitions and mergers, partnerships and collaborations, joint ventures, strategic alliances, extensive research & development activities, new product launches and new product development, contracts, and many others.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/online-payment-gateway-market-6347
Online Payment Gateway Market Research Report, by Type (Pro/Self-Hosted Payment Gateways, Local Bank Integrates, Platform-Based Payment Gateway Solution, Others), Application (Micro and Small Enterprises, Large Enterprises, Mid-Size Enterprises) - Forecast till 2023
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